Translation: Original published in Finnish on 11/10/2026 at 7:30 am EET.

Auroora Group announced  that it has acquired a majority stake in BRIX Facades Oy, a manufacturer of brick facade elements. The transaction continues the company's recently active M&A pipeline and strengthens the Industrial Products and Services segment. Through the acquisition, Auroora gains increased exposure to the construction sector, and we believe that the high-quality product company is a valuable addition to Auroora's portfolio. We will include the acquisition on our estimates in our next update.

Acquisition target meets the company's qualitative and financial criteria

BRIX Facades designs and manufactures brick facade elements for the construction industry, which allow traditional on-site bricklaying to be replaced with factory-manufactured elements. The company's customers include construction companies and facade contractors, and in addition, the company's solutions are sold internationally in Sweden, Norway, and the Baltic countries through local distribution companies.

The company's revenue for the last 12 months was ~8.0 MEUR, and its EBITA margin exceeded 10%. Based on public data, the company has grown very strongly over the past five years (2021–2025: 3.2–7.0 MEUR), which we consider a strong performance, given the weak construction cycle of recent years. Profitability has fluctuated annually but has remained strong in recent years (2025 EBIT margin: 16%).

As is typical for the company, the purchase price was not disclosed, which naturally makes it difficult to immediately assess the transaction's value creation. Auroora’s typical multiple range is 4–8x EV/EBITA. We consider it possible that the multiple for the product company, which appears to be of high quality, will settle closer to the top of the range.

The acquired business will be integrated into the Industrial Products and Services segment, which has historically been Auroora's clearly most profitable business area. Overall, we believe that BRIX’s profile is a very good fit for Auroora: the company has its own specialized product, operates in international markets, and the current entrepreneurs will remain in management and as minority shareholders of the company. Auroora does not have any significant pre-existing companies linked to the construction sector, so BRIX will also bring new industry diversification to Auroora's portfolio.

Source: Enento Group

Acquisitions continue at a brisk pace

Auroora has been very active in the M&A market this fall. Just under two weeks ago, the company announced its acquisition of Labko, an environmental technology business (with revenue of approximately 10.5 MEUR) and Coating Source, an importer of roof paints (with revenue of approximately 6.0 MEUR). Along with the BRIX acquisition, these three transactions, announced within a short period, will provide Auroora with approximately 24.5 MEUR in inorganic growth, corresponding to nearly 10% of our revenue forecast for the current year.

Funds raised through the initial public offering and the company’s strong balance sheet (Q2'26 net debt/adjusted EBITDA of 0.7x) provide the company with a solid foundation for rapidly implementing its acquisition strategy. Now, over the course of the fall, the balance sheet has already been put to significant use. We will fully factor in the recent acquisitions in connection with our Q3 update at the latest.